Retirement You TV: Episode 8

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Video Transcript

Cynthia De Fazio – 00:22

Hello, and welcome to retirement You TV. My name is Cynthia de Fazio, I’m joined today by Brian Quaranta, he is the president and founder of secure money advisors, Brian, how are you? I’m doing great, good to see you. It’s good to see you too. I always love our time together. And I love to hear the response that we’re getting from the viewing audience. We’ve had some really amazing phone calls. And I know your appointments have been really, really busy. So tell the viewing audience a little bit about what’s been going on on secure money advisor.

Brian Quaranta – 00:49

you know, we’re we’re just we’re very, very busy office, I mean, between the TV show, you know, retirement You TV, and then also retirement, you radio. You know, we’re doing what my main mission has always been, and that’s trying to really educate people on what real retirement planning should look like. And so, you know, so for our office, we’re very busy meeting new people. And we’re grateful for that. But you know, it’s been my main mission from day one, when I built the company, is to provide good advice for people share easy advice, right? easy to understand, not complicated. And I think that’s really, what has differentiated us in the marketplace is that we’ve, we’ve taken something that’s typically a very complicated topic, where a lot of people are intimidated by it. And we make it a very, very simple process. And when we see reactions in the conference room, like, I get that, that makes sense. Why isn’t everybody doing that? Yeah, you know, that tells us that our message is, is the right message, and we’re communicating it the right way. And finally, people are feeling in control of a situation that they were feeling out of control in, right and, and, and really, when you’re in control of your finances, and you feel confident about it, that there’s a sense of peace that comes with that and a calmness and and that’s all we want going into retirement, right. Nobody wants to nobody wants anxious, you know, nobody wants to be anxious and worried going to retirement, you really, you really want to build a plan that you don’t have to think about much it’s kind of a set it and forget it type plan, because retirement planning is really about you going out and doing all the things that you said you were going to do, because all the financial, all the retirement books tell us that you should be doing your bucket list, right, you should be seeing your national parks, you know, criss crossing the country, whatever it may be. Now, that may change temporarily for a little bit under our new our new situation here with with COVID. But But I still think at the end of the day, you know, people getting good advice. And that’s what we’re doing. And we get the feedback from from the individuals coming in. And so we know that we know that the message is is is spot on.

Cynthia De Fazio – 03:03

Okay, yeah. Brian, let me ask you, what’s the difference between someone going to the mailbox and pulling out their statements versus having a true holistic retirement plan? if you will?

Brian Quaranta – 03:13

Yeah. Well, statements just kind of show you the result, right. I mean, that’s kind of the gas gauge, if you will, right. But the comprehensive plan is your entire dashboard. Right? It’s every gauge there. And so but the the, the comprehensive planning part is, you know, if let’s say, for example, you’re building an income plan, right? So we need to generate cash flow from your retirement accounts on a monthly basis? Well, the performance of the accounts are important, but what’s most important is how much money can I take out of these accounts, each and every month? without the risk of running out of money? Sure. And we need to mathematically see those numbers, we can’t just say, well, you should be fine. You know, if we, if we average a six or 7% return, my clients want to see if I take this much money out this year, how much money do I have next year? If I take this much money out this year? How much do I have that next year? Not only that, but but a comprehensive plan also takes into account, if you were to call my office and say, you know, I know we’re planning on taking $25,000 a year out of our portfolio to live off of, but what happens when you want an extra $20,000 or an extra $30,000? Because you want to remodel a bathroom or remodel a kitchen or you want to do a special trip and you want to pay for the kids and grandkids to go on this special trip somewhere? What is that going to look like? What’s that going to do? And so by seeing the math, right, the return is one thing. But seeing the math of how the return minus two withdrawals are impacting the balance of the account. That’s where real written planning comes into play. And that’s where you get real peace of mind being able to see those numbers and it gives you confidence to do the things you normally wouldn’t do. Right? Most people live what I call adjusting case retirement. Sure. And what I mean by that is, is you’ll ask folks, what do you want to do in retirement? They’ll say, well, we want to travel, you know, we want to spend more time with the grandkids. You know, I want to buy a yacht I want to buy, you know, I want to spend more time on the golf course. I want to fish more, we hear everything. Yeah. And then, you know, if they don’t take the time to actually put together a plan, what will happen is you’ll go back to these folks, right? And you’ll say, how’s retirement going? Are you doing the things you said you were going to do? And they’ll say, Now, you know, we haven’t we haven’t done any of that stuff. yet. Why not? Well, they say just in case, just in case why? Well, what happens if one of us gets sick? You know, what happens if the markets don’t cooperate? Right. And so now, they’re not living the retirement that they said they were going to live? Because they’re fearful of the unknowns, the variables? Sure, with a real comprehensive plan, right? All of those variables are taken to account, right? What happens if the market goes down? What happens if one of you get sick, and we map all of that out on paper, and the nice thing about having a written plan is we can make all the bad things happen on paper, and we make all the bad things happen on paper, we plan for the best we expect, you know, or we should say we expect the best we plan for the worst. Right? So and so anyway. So we’ll get back to that just in case retirement. What happens is, if you don’t ever put together a plan, here’s what we’ve seen. People will never spend their retirement money, they’ll never do the things they’re going to do. And then when they die, guess who spends all their money form their children or children? Yeah, children wind up taking the trips and buying the boat and go into the country club, and so on and so forth. So, so a comprehensive plan is really going to give you the freedom to spend your money in retirement and feel good about retirement and spending your money without the fear of potentially running out or your plan not working?

Cynthia De Fazio – 06:58

Is that still the biggest fear that most people have in retirement?

Brian Quaranta – 07:01

Yeah, as a matter of fact, AARP did a study and they interviewed 1000 people, and they said, What do you fear most running out of money, or death? You know, over 85% of those people said they fear running out of money more than they feared death alone. So that just tells you that it is the biggest fear of every retiree out there is what happens if this money doesn’t last the rest of our lives. And that’s why a lot of the traditional strategies that we’re used to and for for investment planning just don’t work in today’s markets. And what I’m referring to are old antiquated rules, like the 4% rule. You know, there’s a high probability of not succeeding with that. And so today, what we’re seeing in the marketplace is technology has allowed financial firms to create better and better products that are more designed for the retiree that’s going to need cash flow, so you can build a retirement plan that you know, is going to be there for you through the rest of your life.

Cynthia De Fazio – 07:59

Brian, we’re about ready to open up the phone lines for the very first time this week. Can you tell the viewing audience what they can expect to receive by being one of the first 10 callers?

Brian Quaranta – 08:08

Yeah, as a matter of fact, folks, here’s what we’re going to be doing today for the next 10 callers who call in right now. We’re going to give you a complimentary Financial Review, we’re going to give you a second opinion. Remember, you can’t get a second opinion from the person who gave you the first opinion. So getting a second opinion can be very helpful because it can really tell you where you are right now. And where you need to go. Do you need to make changes do you do or do you just need to simply make some small improvements, we’ll be able to help you make those decisions. But more importantly, we’re going to walk you through what a comprehensive financial planning model looks like. So folks again, for the next 10 callers who call 18883821298 again, 1-888-382-1298. The next 10 callers will get a complimentary Financial Review.

Cynthia De Fazio – 08:55

Brian, thank you so much to the viewing audience at home. That number to call once again is 888-382-1298. We know you have a lot of questions about planning your perfect stress free retirement. Brian has those answers for you. So please stay tuned. We’ll be right back after this very short commercial break.

Commercial Break – 09:13

How confident are you in your current financial plan? Do you know with certainty how the recent market volatility will affect your future hopes and dreams? How much are you paying in taxes? And how much are you losing to unnecessary high fees? You didn’t work to save his money so that you could spend your time worried in retirement. Now is the time to take charge of your finances so you can feel confident about your future call in during the next 30 minutes of today’s show only to set up an absolutely complimentary no obligation full blown Financial Review that will result in your own customized written plan. This is a $999 value that we’re giving away complimentary to the first 10 people who respond we’ll start with a full blown analysis of What you already have, by running a report to untangle how much you are currently paying in fees, how you’re allocated for risk, and what it’s costing to work with your current advisor. Next, we’ll identify your goals. Where do you see yourself in the next five years? Where do you want to go? And who do you hope to go there with? Is your current financial plan set up to get you there without mishap? Let’s design a roadmap to create a financial plan you can follow with confidence, get the piece that so many people are missing from their retirement. Find out how having a written plan can make a difference to your retirement dreams. Call now to schedule your complimentary no obligation full blown Financial Review today.

Cynthia De Fazio – 10:49

And welcome back to retirement You TV. My name is Cynthia de Fazio. I’m joined today by Brian Q president and founder of secure money advisors. I love just saying Brian Q Yeah, that’s right. Easiest way to do it? Yes. And you’re branded by that a little bit because of the radio shows. And I just I love it. Brian Q

Brian Quaranta – 11:09

Well, you know, you know, on the radio, and if any of the listeners haven’t caught our radio show, you can find us on 94.53 3ws that is every Saturday morning, from eight to nine. And then it’s also replays on Sunday morning, from 7:30 to eight for those of you that are early birds, but and then you can also find us on 1320. You know, that’s wjs okay. And I believe we come on at like 12 or 12:30 on on Saturdays. So, but we always do increasing your financial IQ, what Brian q i love, because, you know, my, my real passion about retirement is really educating because I find that if people have good information, you know what I say it all the time, if you have good information, unbiased information, just black and white pros and cons because everything’s got pros and cons to it. Sure, people can make good informed decisions. Yeah, you know, and too many people are unfortunately, my industry, you know, is is guilty of selling. And you know, when you work with a fiduciary, like secure money advisors, it’s not, we’re not selling, we’re solving problems. And so it’s different, you know, people, you know, we’re there to, we’re there to really look at the black and white facts of what’s going on with their current situation, and then help them figure out where they need to go. And then from there, we can find the best financial products to make that happen.

Cynthia De Fazio – 12:34

Sure. And I think Brian was somebody who will have talked about is that you actually take the time to listen to them. And a lot of times people, especially when they’re planning for retirement, they may feel like no one is really, truly listening to what their plans are. But you do that, and we’re hearing a lot of positive feedback. So you really take time to understand each specific person knowing that retirement is not one size fits all?

Brian Quaranta – 12:59

Well, it’s not because I really want to know, for everybody shifts in the retirement, they’re usually have a new purpose. And so for us, I like to know, what’s retirement going to look like? Are they going to be traveling? Are they going to be volunteering? You know, are they going to be babysitting, we have a lot of clients that have turned into full time babysitter’s for their grandkids. But they love it. And and so and the other things, you know, that you really want to find out from people is, you know, what do they want that money to do for them? A lot of people, most importantly, they, they need to take care of the core things with themselves, meaning they’ve got to pay the bills, and they want the money, they’re to have the freedom to buy things when they want to buy it or go on vacation. But do they plan on giving money to the kids? Do they plan on gifting money to the grandchildren or setting up some type of college funds do they want to give to their churches or other charities. And that all comes into play and understanding how to really customize that plan for that individual. Because not everybody wants to do the same things in retirement and not everybody has the same wishes. You know, some people are okay with taking a little bit more risk than others. And, you know, by us understanding that we can help people design a plan that is either completely guarantee and risk free. Or something that might have a little bit more risk associated with it. Because everybody’s risk tolerance is a little bit different. So, yeah, taking that time, and we do that on that first meeting. You know, we’ve been offering these complimentary financial reviews and part of that first process is really getting to understand them and secure money advisors has really built a roadmap and that roadmap for us has multiple steps and the first step is listening and understanding their current situation. And we’ve got a series of questions that we asked to help facilitate that conversation, okay. And then we got to really understand what their long term goals are with that And from there, we can really, really determine just from those two things, whether or not are we even going to be a good fit for them. And one of the things that I always tell folks is, look, if I feel that I can’t help, if I feel that we would not be the right fit, we’re going to be very upfront and transparent about that. Because, you know, as secure money advisors being a very busy office, if I, if we onboard a new client, we want to onboard that client, because we know we can make a true impact and we can make a difference in their life. Sure, if if somebody comes in and they have goals that are, are different than what we feel we can provide, then I have people that I can refer them out to. And they appreciate that because we’re not a one size fits all firm, right? I mean, so. But then from there, we can, if we feel that we can help, what we do, and what’s really helpful is we do an analysis of the situation. And we’ve got a very powerful software that we use, that can analyze their current risk situation, and it will give us very detailed information about their specific positions. And it will also help determine a probability of success of their current portfolio. If the markets were to go down, or if the markets were to go up, what they could expect from that portfolio, and from there, we’re looking at the efficiency of that portfolio Are they really get into return for the risk that they’re taking, you know, and in our world, that’s something called standard deviation, which is a measure of risk. And, you know, if somebody is taking risks, they should be getting a certain amount of return. And then once we kind of map out, you know where they are, we can now make suggestions of how to improve their current situation and make it better. And then because I’ve put together such a great team of people at secure money advisors, we help with all the implementation. Okay, so once we figure out what the new strategy needs to look like, the client, all they have to do is approve it, we actually go out and we make it happen for them. So we can move all the monies, we can, you know, no matter where it’s at, if we have to work with plan administrators, if their work or they’ve got a 401k, or they got money at other firms, we, we take over and come in, and we can move all of that and make it very easy on the client. And it’s just a turnkey process for them. So that really, once the final plan is in place, my team has done all the heavy lifting to make that happen for them. And then of course, we monitor everything. Sure, you know, and we’ve got what we call our 411 servicing model. And that’s another big part of the whole planning processes. It’s one thing to commit to that initial plan. But what’s the servicing model going to look like over the next, you know, years? Because we want you as a lifetime client? Absolutely. Because I have a vested interest in you doing well with us, because that’s how we get paid. Yeah. So. But but but the 411 servicing model is that we do for very specific client events each year, we only invite our clients, okay, and they’re everything from just the state, the state of the economy update, and what’s going to go out with the markets, or we do fun events. You know, we’ve we’ve rented movie theaters before, and we’ve all watched movies together. You know, we’ve got our favorite event that we do for our clients as a shredding event. We rent the big shredded truck, and everybody comes in shreds all their paperwork, you’d be amazed at the good people show up. Oh, yeah, people. Let’s just get rid of it, get rid of it. And they wait for that event, right. So I’ve had people show up in pickup trucks full of favors. So

Cynthia De Fazio – 18:32

I heard dumpster events are popular yeah dumpster events are popular. And then people can just toss anything in. So that’s so cool. Yeah, the shredding idea. So.

Brian Quaranta – 18:42

So we have a lot of fun. We’re very engaged with our clients throughout the year, they’re very important to us, they become part of our family, because we know their situation so intimately. You know, and then one time a year, I do a big, you know, state of the markets event. You know, that’s that’s kind of the big thing. So but and then of course, every year we give it one, you know, mandatory review a year but what we do for our clients is we give them access to unlimited financial planning appointments a year at no additional cost, which they love. So, so yes, it’s a very, very comprehensive process. And this roadmap guides them step by step until we get to that end and from point A to point B

Cynthia De Fazio – 19:22

i love that Brian, I think we should play the video to give the viewing audience an idea of who you are as a person Brian q. So to the viewing audience at home, please stay tuned. We’re gonna run a short video about Brian and about his passion for helping you retire comfortably and securely. So please stay tuned. We’ll be right back after this very short video break.

Brian Quaranta – 19:47

Retirement Plan is just all about getting to know somebody. I mean, retirement planning is really about just building trust with people. I have a responsibility that when I wake up in the morning to be the very best That I can be because people are relying on me to take care of a lifetime’s worth of work that they’ve worked 30 40 years for, I don’t take that lightly. That’s what drives me. That’s what I’m passionate about. You know, our clients really are our family of clients. We know their grandkids, we know their kids, we see them often throughout the community, we see them at the coffee shop, we see them at lunch, we really enjoy it, you know, we take pride in the quality of the relationships that we build with our clients. Choosing the right advisors starts with choosing someone that shares the same beliefs about money that you have. That’s secure money advisors, our focus here is about building plans around principal protection, low risk investments are a great way to approach retirement. You know, when people have low risk investments, they’re not worried. They don’t have anxieties. They don’t have fears, they don’t have to worry about what’s going on in the stock market. There are other options available, other than risk options that people need to know about when it comes to retirement. And that’s what we do at secure money advisors. There’s a lot of responsibility and helping somebody plan for the retirement. And that’s why we take the time to listen, we take the time to understand their concerns, their worries, their needs, so that we can put together a customized plan. You know, we believe in what we do, everybody that works for secure money advisors is on a mission to be the very best that they can be and to serve our clients in the best way that they can possibly serve them. You know, we just are a simple company. And it’s the simplicity in what we do that makes everything so powerful. You know, you don’t need to make this thing complicated. Retirement should not be complicated. It should be simple, easy, predictable. And we pride ourselves on providing that to people.

Cynthia De Fazio – 22:08

And welcome back to retirement You TV. My name is Cynthia de Fazio. I’m joined today by Brian Q president and founder of secure money advisors. Brian, I love that video about you. And I think it’s important to talk a little bit more about that, because you mentioned a word fiduciary to the viewing audience at home that may be unfamiliar with that term. What is it and how does that benefit them?

Brian Quaranta – 22:32

Well, there’s two standards in the financial industry, there’s the suitability standard, which means that if you’re working with an individual, that’s not a licensed fiduciary, and you’re working, let’s just say a broker, they follow what they call the suitability standards, so they have to do what’s suitable for you. And what’s suitable for you is very cookie cutter, it’s, you know, if you’re 60 years old, then you probably could belong in this type of investment. Okay? Even though you might have requested from your broker that you wanted to keep everything safe. They only have to do what’s suitable. So if they made a recommendation, you said, I want to keep my money safe, I don’t want to lose it, I want it protected. And they put you in, let’s say, a moderate, moderately conservative portfolio, and you lose money. Well, based on your age, the broker did what was suitable for you, okay, so you don’t have a whole lot of recourse there. But if you’re working with a licensed fiduciary, and you say, look, I want to keep my money safe, and I don’t want to lose money, then if I lost you money, we’ve got a problem, right? Because now you have the ability to take recourse and you’d probably win in a situation like that. Because you requested that you didn’t want to lose money, which means I have to do what’s in your best interest, it would be no different than me sitting down with my mom and dad, and having to do what’s in their best interest. what’s right for them. I love so the fiduciary standard is the highest standard in the industry. Yeah. And people should really consider only working with a licensed fiduciary and not somebody that’s just a broker.

Cynthia De Fazio – 24:05

Okay, yeah. Brian, to the viewing audience that home that may currently be working with someone? Is that a question that they should ask, Hey, are you a fiduciary?

Brian Quaranta – 24:13

I think it’s important. Yeah, I think it’s an important question to ask in today’s marketplace, is if you are a licensed fiduciary, because what people have to understand is that they they want the best advice, but you also want someone that has to do what’s in your best interest, right? Not just what’s suitable for you. So it’s an important question to ask. And if they’re even interviewing, multiple advisors, you know, if you’re interviewing two or three advisors, because maybe you’re getting ready to retire. The first thing you should be asking is, are you a fiduciary? Yes.

Cynthia De Fazio – 24:45

And how important is it Brian to have a second opinion, in your experience? What do you think about that? Yeah, the people that have maybe a plan in place now

Brian Quaranta – 24:53

Yeah, a second opinion is important. Especially if if you if you know, and we all have that feeling I mean, I I can remember When I was growing my company, you know, I started working with an accountant. And she was really good for what I needed at that time. But as the company grew, I knew that I wasn’t getting probably the best advice as the company was growing, okay, retirements kind of the same, right? You start off at maybe 40 years old with an advisor, and now you’re maybe 55 or 60 years old, you’ve grown Sure, and things are changing, and maybe what they were doing for you back then they’re still doing for you. But you know, that you’ve got to change gears because you’re going into retirement, and they’re really not making any suggestions. And so I experienced that with the accounting firm, where I knew that the company was growing, there was more things that we should have been doing, and I needed to get a second opinion. The problem is I really liked the accountant that I was working with. Yeah. And so it was really hard for me to make that change. But I knew I had to do it. And I can remember the day that I finally went in, and I found a new accounting firm, and I and I knew I needed to tell that that accounting firm that I was no longer going to be working with them. And I walked in the first day, no one, I got to do it. And I chickened out, right, because I really liked her. I mean, we would go out to dinner with her. And All right, guys. And I know people. Yeah, and I know, we’re going through that I know, I know, if you’re out there right now and you’re working with advisor, you probably have a good relationship. And those relationships are tough to break. But at the end of the day, you have to do what’s right for you, your family and your money. And that starts with getting your second opinion. And you can’t get a second opinion from the person from the person that gave you the first opinion. Yeah. So second opinions are really good, because it gives you the ability to compare and see what else you could be doing. And in today’s marketplace, things have changed so much. Technology has changed so much and investment strategy has changed so much that you probably could be doing better. And if you could be doing better. When would you like to know that? Probably now, right? Probably now. So. But yes, getting a second opinion is very, very important.

Cynthia De Fazio – 27:01

Okay. And, Brian, we have less than a minute left in the show today. Can you tell the viewing audience what they can expect to receive by being one of your first 10 callers?

Brian Quaranta – 27:09

Yeah, folks, again, all show we’ve been offering the ability to come in and get a complimentary review. And that is a second opinion. And we’re going to help give you that second opinion. And we’re going to kind of walk you through what a real good comprehensive plan looks like. So when you come in, we’ll spend about 45 minutes to an hour together. We’re just going to kind of get to know you and ultimately see could we really help so again for the next 10 callers who call in right now. That’s 1-888-382-1298 again 1-888-382-1298 for the next 10 callers. That’s a complimentary review.

Cynthia De Fazio – 27:44

Brian, thank you so much to the viewing audience at home. Thank you so much for spending time again with us this week. We look forward to seeing you next week. We hope you have a safe, healthy, happy and blessed week ahead. Thank you again for watching.